Minasan, shinnen omedetou, Eva des. I think before I dive into the future strategy of Trend Micro, I'd like to spend a little bit time talking about software value in the GenAI era. Since Trend Micro is one of the large software company that originated from Asia, of course, this affect Trend Micro a lot. Software, at end, the value usually generated by doing three things. First, collect the data. Second, organize the data so that customer can see the data and generate business intelligence for customers. In the GenAI era, this all three steps will be changed. First, if your data is just very standard, external defined data, then certainly GenAI can do it much better. Also, with the unstructured data that can be consumed by GenAI, I think the traditional entering way of collecting data will be obsoleted, of course. The second step, organize the data. Of course, GenAI will flatten all the data, break all the data silo, connect them all together, can generate or organize the intelligence much better than traditional way. The third, third layer, if you are just providing the business intelligence, intelligence is not anymore the most important thing because it can be generated by the AI. Therefore, I think in the future, the value of a software company really defined by all these three things. First, the data you are collecting must be specifically about the customer, fit into the customer's special re- environment and special need, such as for Trend Micro, security data. We need to collect all the... Have the sensor and collect all the desktop telemetry, server telemetry, network telemetry. All of these are specially about the customer's special data. Those internal data collection is most important. And secondly, you need to organize it so that the customer can easily access it with natural language or natural interface. The customer can understand their own data better. And lastly, the most important part is your data, your information, is support for the customer to make the best decision. And best decision is different from each of the customer. It's not necessarily there's a universal best decision for all the customer. And therefore, the value of the software is specialized in customers' data collection, data organization, and specialized in helping customer to make the best decision for themselves, and that is the value of the future. As you know, Trend Micro, as a cybersecurity company, we actually has been moving to AI security. AI as our platform to develop the best business support decision for cybersecurity. And that, the fundamental of that, as you can see in this page, this is. We call it the digital twin for cybersecurity. Customers, all the sensor, collecting all those cybersecurity-related specific data for the customer, organizing into a, can be simulated into a customer's information flow, digital twin. And customer therefore, imagine that when they need to do pen test, they need to know their cybersecurity exposure, then they can use this digital twin to simulate the attack and seeing what is the real response on the digital twin, how their cybersecurity posture is, and therefore can proactively provide the best security for their real environment that keep on changing. And those cybersecurity decision, best decision for finance sector or for manufacturer sector, are quite different. We believe cybersecurity is going to dominate and be a very important software value that is going to exist and be even more important in the GenAI area. That's our view of cybersecurity software value in the GenAI area. Now, I'd like to take a little bit of time to talk more about Trend Micro. Since last year, we already see that need to specialize in different areas to create that specialized customer cybersecurity decision support. That's why we reorganized our company into the enterprise segment, that is Trend AI, that specializes in enterprise cybersecurity. Trend Life will be specialized in consumer and software business. And then we also have VicOne, which is specialized in the physical AI security. And lastly, we also work with Wistron to establish a new company called Magna AI, that would help customers to establish their AI operation securely and more, starting to rewrite their AI application. So I'd like to go into this financial report by all these three areas that we are focusing on. So first of all, Trend AI, I believe that enterprise business, as I say, our competitive edge is that we can use digital twin for cybersecurity to personalize or customize for the customer environment, and then we use our specialized cybersecurity intelligence to create the Cybertron, SLM, specialized language model. Together with the agentic AI, we can help customer make the best cybersecurity decision, and going forward, can also help them automate and save their efforts on their cybersecurity practice. So for Trend Micro, I would say we take, not only we, we redesign our product platform, but also we are reorganizing our GTM, go-to-market strategy. So there's three big things that we are doing in our go-to-market. First, is our fragmented platform and product need to be organized, and because this type of, point product sales create a lot of product silo and also very, heavy price competition. And therefore, we believe we need to reorganize this into a new go-to-market strategy, which is lead with Vision One as the AI security platform, and integrate with agentic SIEM, vulnerability management, exposure management, into a unified platform go-to-market strategy. That we will start very, focused on executing that, starting 2026. And actually, you... The platform way of selling, we already starting, and right now, our Vision One platform sales already about 38% of our total revenue. Into 2026, we believe we will continue to grow our Vision One platform strategy and platforms way of selling. Early quarter today, we've seen that already our Vision One is already about 41% of our total Trend AI ARR. That is the first one. First of all, lead with the Vision One platform way of selling. That's the first change in our GTM. The second one, in 2025, and before, I think our biggest challenge is that in our go-to-market organization, our incentive structure is tied to the growth sales. Growth sales means total growth sales or posting the whole growth sales margin, and that's why our sales force are diluting their focus on the platform-driven growth. Going into 2026, our go-to-market strategy will change to adjust our incentive to prioritize our annualized year one sales, and reducing our unnecessary discount, and creating more durable revenue, and managing core value of the platform. So the indicator we are using is that we want to make sure that our total multi-year product sales are focusing on the year one value, because before, because of the growth sales, when multiple year deal was supersized the deal, but also taking heavy discount. But now, by changing this type of compensation strategy, we believe we will correct our sales behavior. Early quarter today, the progress is that our multi-year impact is starting to decline, and now is at 17%. Before, in 2025, that impact is about 38%, but now we already seeing that we are correcting all of this, sales compensation and, getting more healthy in our sales, behavior. That's the second one. The third one is very important, is before Trend Micro is selling by license-based pricing. The license pricing is driving the discount, and also have a lot of procurement friction. Customer has the-- whenever they want to buy a new module from Vision One, they will need to go through all this, procurement again. And therefore, I think, it's a very important thing that starting 2026, we totally change our Vision One. The Vision One product strategy is going into the Flex program, which means that they buy a total amount of, we call it credits. The credits they can use, and then whenever they want to deploy, they consume all these credits by allocating them to specific product they, or modules they want to use. This way, we believe Trend AI Flex program will drive predictable spending for customers and scalable consumption, and also reduce the procurement friction in customers. That is a very important change, and we believe that will help the whole Trend Micro's go-to-market much more smooth and have much more predictable spending. Early quarter today, the progress we've seen that is, Vision One average ARR, already we've seen this average ARR continue to grow. For Vision One, that is, our per customer average ARR before was $35,100, and now already grown to $35,500 in early this quarter. Compare with non-Vision One, the average ARR is $5,400. As you can see, the difference, customer value is much more different than what before. Those are the three very important change, go-to-market change, and we believe we are on the right pace, and Trend AI will be using all of this new platform and new platform way of selling to progress and produce more value for our customers. That's Trend AI. Moving to consumer, which now we call it Trend Life. Trend Life, before, the challenge is that the softening, because our original product mainly focused on antivirus for consumer business, but softening in PC sales, leading to less security need, and therefore, our value was diminishing. But starting last year and progressing to 2026, we've seen there's a new need, such as customers' digital life protection, including anti-spam, not anti-scam, which is a biggest money loss from consumers' business. And also the usage of AI and how to use AI safely to help their digital life quality. I think those are the new area that we, Trend Life will be focusing on. Therefore, now we already seeing that, 2025, our digital life protection increased now to 36% of our total sales. So we are starting to, migrate our revenue to digital life protection rather than pure antivirus protection. The ARPU for this digital life protection is 2 times higher than the antivirus PC attachment type of revenue. Trend Life is also early quarter today, the progress we see is that digital life protection continues to grow, and now is at about 45% of our total Trend Life sales already. That's Trend Life. Another Trend Life go-to-market very important thing is that we are moving on to more of the customer. We try to manage the customer trend and reduce the trend by focusing on digital life protection and increase auto-renew, auto-renew opt-in. We're starting to see auto-renew has 2 times the renewal rate than the manual renewal, and therefore, new customer in auto-renew is increasing 11% since Q4 2025. So early quarter today, also renewal rate also improving and is now sitting at, 73% of the renewal rate. So on Trend Life, I think all this auto-renewal work opt-in and also the digital life protection value is going to make Trend Life revenue continue to grow. Now, move to our newest, the newest startup I would call, the one that we cooperate with, Wistron and with, utilizing a lot of NVIDIA's technology, we establish a company called Magna AI. Magna AI is focusing on help countries, government, big enterprise globally when they want to utilize, establish the AI application, and we help them to establish all this AI application, AI infrastructure, safely, securely. Because this is a very different sales motion, when customer are setting up this sovereign AI and AI new application, it's not about buying a software and install it, like, like before, all this cybersecurity. It's you need to design your data flow, your architecture, everything security. That's why we starting to- we take the chance to work with Wistron, one of the big, AI infrastructure provider, and working with NVIDIA and other NCP player to form this Magna AI. Early indicator, we already have several, very big, MOU that was signed, by the, at, Riyadh and at, Malaysia, and also we are working in, Taiwan, a lot of this type of, big deal. Those are the big initiative, but Trend Micro is using this chance to make sure that we can provide secure AI infrastructure and secure AI application for our customer. That's Magna AI. VicOne is established three years ago, and now it's focusing on not just the vehicle security, but also all the robots or the physical AI cybersecurity. We, in 2023 to 2025, the problem solution bit is the major focus, but in 2026, VicOne is going to get into growth and expansion. We already seeing we have the secure robots, robotic solution and working with all this vehicle company and also the robotic company to provide the embedded cybersecurity into all of this new AI, AI robots and AI driven car vehicles. That's VicOne. So overall, these are Trend Micro that we are working on. 2025, our, 2026, our growth target for the overall Trend Micro is we want to have ARR, 13% growth, net sales, 9% growth, and our operation income will decline by 2%. But as you can see, where do we spend the money? First, in Trend AI, because we believe this transition and this is a great growth, area, and therefore, we spend more time, more money on to Trend AI enterprise sales. And Trend Life, actually, we are optimizing, and we believe we can increase the operation income by 1%, but a lot of those, investment and cost increase is mainly on VicOne and Magna AI, where we are investing on new market. And that's why in 2026, we believe Trend Micro is going into the growth, and we will deliver the best cybersecurity value for our overall different type of enterprise, consumer, and the new AI infrastructure, Sovereign AI, and robotic AI, all those cybersecurity coverage for our, all our customer. So looking forward to a good year in 2026. Hi, everyone. My name is Kevin Simzer, and I'm the Chief Operating Officer for Trend Micro. I'm here to give you an update on our Q4 and full year 2025 business performance. If you've been following us at all in the media, you'll have seen a number of announcements with a common theme of all things AI, whether that's us partnering with NVIDIA in order to introduce new safeguards, guardrails, to protect those next-generation AI factories, or whether it's Trend leveraging AI in order to incorporate new capabilities into our platform to protect customers, enterprises from threat actors. 2025 business performance, actually, we are quite pleased with the performance of the business as a whole. Net sales totaled across the company, up 5% for the quarter, that's 1% for the year, while improving the overall operating margin to finish the year at 21%. The growth in the business certainly came from the enterprise part of the business. Net sales up 8% for Q4, that's 4% for the year, and that is all on the back of customers adopting this Vision One platform. In the consumer business, you're well aware of the issues that we faced early on in the year as a result of the bankruptcy of our e-commerce provider, Digital River. We're pleased to say that we've worked our way through that now, and we're poised to actually start to see that business back to growing in 2026. But during that period, we stayed very focused in on beyond device protection and continued to drive that expanded addressable market that we've been going after in our consumer business. From a total company recurring revenue standpoint, we sit at a very healthy $1.7 billion. That's up 1% year-over-year. Of course, that growth came from both large and small enterprise. Speaking of enterprise, this is the flagship platform that we're leading with, a single AI security platform, the most comprehensive, unified platform on the planet. Our platform, it's not just us saying great things about our platform. It's these world-recognized industry analysts, and in the last quarter alone, Gartner highlighted us once again for endpoint security, Forrester for a leader in network analytics and visibility, IDC in both extended detection and response and cloud security, and then finally, Omdia, who continues to rank us number one in public vulnerability disclosure, those zero-day vulnerabilities that gives us a head start on threat actors and what they've discovered. Now, from a regional performance standpoint, global enterprise growth, this is net sales. It's in a constant currency, so you get an idea of the performance across the four different regions, and you can see the global enterprise growth of 4%. EMEA and Japan performing quite strong, Europe and the Americas, somewhat less so. Where you really start to see some of the global headwinds that we started to hit was in this chart here. This is our pre-GAAP performance, global enterprise growth sitting at -4% year-over-year. You can see that as a result of us finishing the go-to-market transformation in Japan, we're really starting to see the fruits of that labor that we put in in 2024 and in 2025, and you're going to see us adopt the exact same framework as we go into 2026 for the rest of the regions. In particular, I wanted to highlight in the Americas and Europe, we definitely saw challenges with global government. Tariff uncertainty has certainly caused a number of enterprises and governments to actually pull back some of their spend. We're also starting to see a movement, and you're going to see as we start to talk about 2026, as we move to much, much more of an ARR model, we really want to drive that first-year performance. So you're going to see these pre-GAAP numbers are not going to be the best indicator of the performance of the business. We are going to be moving more and more towards an ARR model. Enterprise recurring revenue sitting at $1.3 billion, that's up 2%. And I think the highlight here is actually the $229 million in small enterprise. We're, we're starting to see growth coming back in that small enterprise segment. We had had several years of declining performance, and now with small enterprise, we're starting to see that lift off. Well, why is that? Well, that's specifically as a result of us introducing Trend Vision One for MSP partners. That's a category of partners that offer a set of services to small enterprise. We have over 6,000 of those MSP partners, and we now have 190 of them who have adopted Vision One. The nice thing about that is that when they adopt it, they can offer more powerful capabilities for protecting those small enterprises, and they can charge more for that. And we're seeing that, and that's what's starting to fuel our growth. In the large enterprise segment, this is really the, you know, it tends to be the priority. We have over 25,000 large enterprise customers today, and we're fixated on making sure that we get the Vision One platform attached to all of these. Once we attach, we know that we can expand based on the breadth of our overall platform. Why are we so fixated on that? When we calculate the addressable market that exists in our installed base, we can see that there's approximately $7.3 billion of incremental ARR opportunity just from our existing Trend customers. We do that by landing the Vision One platform, and you can see relative to the overall recurring revenue for the enterprise business, the red box in the bottom right for Q4 2025, $467 million, growing at 58%. So we are fixated on landing more Vision One and expanding more Vision One within our installed base. Now, as we go into 2026, you're going to see actually us start to emphasize quite a bit around new logos. We honestly feel we can now have the strength and the tailwind behind us from a platform perspective, that we can start going after new logos. Specifically around existing customers, we're sitting at 11,500 of our existing customers that have adopted Vision One. That's a 48% attachment rate, and like I said, we know that once we get Vision One attached, the average ARR per customer is substantially higher at 3.6 times. Now, once we get the platform attached, we know that we are focused in on solution adoption. As customers adopt more and more solutions, the retention rate increases, and so too does the impact on the ARR, where the ARR increases. Solution growth with Vision One, we now sit at an average of 4.9 solutions deployed in Vision One. So that's a great testament to customers that like the breadth of the portfolio. We know there's one solution in particular, this Cyber Risk Exposure Management, that's sitting at 4,700 customers today, that once this solution is deployed, this solution actually allows an enterprise or a government to get a complete visibility across their enterprise and find out where the exposures are and where compensating controls are needed. When this solution is deployed, we know that we can get even more of our platform adopted at 6.3 average solutions per customer. So this is definitely a priority to get deployed. All that to say, the NRR, the net revenue retention for the Vision One platform, still sits at a very market-leading 130%, and we continue to stay focused in on that expansion. If you look across the globe, here's the four major regions, all with four expansion opportunities that we've won in Q4, across verticals like multimedia, technology, insurance, and food services. And you can see a common theme across all of these, which is customers are looking for a platform, and that's how we're winning this business. Switching gears to consumer, from a consumer standpoint, as I mentioned earlier, we now have this e-commerce vendor, Digital River, behind us. We've completely replaced all of that technology and gone over to a different set of vendors now with a backup, and we've stayed focused in on driving the business forward around beyond device protection. $32 million, up 11% year-over-year, so that's going to continue to be a common theme here. Yes, we're still doing endpoint protection for consumers, but we are expanding our addressable market beyond that. In fact, it was really nice to be recognized in this broader portfolio in consumer digital life protection by IDC, where we hit the leaders quadrant. So, truly getting the recognition of our broader platform, targeting those consumers. Now, we've been using this terminology called Road to for some time now, and this is kind of our internal North Star, to give you an idea. You can see that out in 2028, we are fixated on driving sort of healthy, high single digits to double-digit growth. That is our plan. We want to do that while improving the margin. In 2025, we did get some growth, and we did, in fact, improve the margin quite substantially by 3 percentage points. We did accomplish what we had set out to do at the start of the year. That said, we are going to be pressing more heavily on growth, and we've divided the business up into these four different categories. You... In order to have a good, healthy business, you need to be thinking about things holistically. We've got things in a hyper-growth category with two companies that we are incubating, one around automotive and robotic security and the other around IT consulting and systems integration. We see those as hyper-growth. Small, require investment right now, but those definitely are areas for hyper-growth. Trend AI, that is our enterprise business. We are fixated on a compounded annual growth rate of around 8%. In the medium growth category, Trend Life, our consumer business, up 5%, sort of healthy single digits. But like any healthy business, you also need to be exiting things, and we will be exiting our legacy SaaS offerings, and that is what is creating some of the downward pressure on our overall performance. However, if we look at 2026 growth targets, now this is our internal management P&L, just to give you some insight across these different areas. We are fixated on growing ARR double digits, and we do see that growth largely coming from our enterprise business, Trend AI, Trend AI. We are targeting 15% year-over-year growth in ARR for 2026. In Trend Life, our consumer business, we are targeting 6% ARR growth for 2026. And in our hyper-growth area, these are quite small from an ARR perspective, but we're looking at substantial increases in overall ARR, but this will require some investment. In fact, all of these are going to require some investment, and that's why you're seeing that our operating income for 2026 will decline ever so slightly. We see that as a short-term thing that we need to do in order to get the top-line growth fueled, and in particular, to put the go-to-market changes in place that we need and to fuel this growth. Finally, we think that we're structured well for growth. We have all of our businesses completely focused in on this AI market opportunity. We're either finished or in flight with our transformed go-to-market strategies, and we're investing a little bit in order to drive that top-line growth, but in particular, with ARR. Thank you, everyone.